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Indon Sov Yields Higher, FX above 16,000, Consumer Confidence Rises

INDONESIA
Data BulletEM BulletDataHomepagemarkets-real-timeBulletEmerging Market News

Indonesian has returned from their 10-day break and yields have surged higher, the INDON Sov Debt curve has bear-steepened with yields 3-15bps higher. Earlier Consumer Confidence Index increased slightly in March to 123.8 up from 123.1 in Feb, the IDR has fallen past 16,000 for the first time since April 2020, with the central bank saying it had intervene in the spot and domestic NDFs markets.

  • The INDON sov curve has bear-steepened on Tuesday as local markets returned with the 2Y yield 2bp higher at 5.215%, 5Y yield is 4.5bps higher at 5.275%, the 10Y yield is 13bps higher at 5.42%, while the 5-year CDS is 4bps higher at 80.50bps and at the highest levels since mid Nov 2023.
  • The INDON to UST spread has widen over the past week with the 2yr now 29bps, 5yr is 64.5bps, while the 10yr is 81bps.
  • In cross-asset moves, the USD/IDR is 2.14% higher at 16,184, the JCI is 1.84% lower, Palm Oil is 0.69% lower, while US Tsys yields are mostly unchanged
  • (BBG) Bank Indonesia Intervenes as Rupiah Weakens Beyond 16,000 (See link)
  • (BBG) Indonesian Bonds to Be Supported by Domestic Investors: OCBC (See link)
  • Looking ahead: Local Auto Sales and External Debt later this week
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Indonesian has returned from their 10-day break and yields have surged higher, the INDON Sov Debt curve has bear-steepened with yields 3-15bps higher. Earlier Consumer Confidence Index increased slightly in March to 123.8 up from 123.1 in Feb, the IDR has fallen past 16,000 for the first time since April 2020, with the central bank saying it had intervene in the spot and domestic NDFs markets.

  • The INDON sov curve has bear-steepened on Tuesday as local markets returned with the 2Y yield 2bp higher at 5.215%, 5Y yield is 4.5bps higher at 5.275%, the 10Y yield is 13bps higher at 5.42%, while the 5-year CDS is 4bps higher at 80.50bps and at the highest levels since mid Nov 2023.
  • The INDON to UST spread has widen over the past week with the 2yr now 29bps, 5yr is 64.5bps, while the 10yr is 81bps.
  • In cross-asset moves, the USD/IDR is 2.14% higher at 16,184, the JCI is 1.84% lower, Palm Oil is 0.69% lower, while US Tsys yields are mostly unchanged
  • (BBG) Bank Indonesia Intervenes as Rupiah Weakens Beyond 16,000 (See link)
  • (BBG) Indonesian Bonds to Be Supported by Domestic Investors: OCBC (See link)
  • Looking ahead: Local Auto Sales and External Debt later this week